Naira Strengthens at Official and Black Market Rates on September 2, 2024
The naira showed signs of recovery against the U.S. dollar on Monday, September 2, 2024, both at the official and parallel markets.
At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira traded at ₦1,585 to $1, reflecting a ₦13 improvement from the previous day’s rate of ₦1,598 to $1. During the day’s trading, the currency saw an intra-day high of ₦1,619 to $1 and a low of ₦1,500 to $1, resulting in a narrow spread of ₦119 to $1.
In the parallel market, the naira appreciated by ₦10, trading at ₦1,635 to $1, compared to the previous rate of ₦1,645 to $1. The local currency also gained ₦10 against the British pound, trading at ₦2,130 to £1, down from the previous ₦2,140 to £1.
The Canadian dollar remained stable against the naira, holding steady at ₦1,250 to CA$1.
The naira also strengthened against the euro, gaining ₦40 to trade at ₦1,780 to €1, compared to the previous day’s rate of ₦1,820 to €1.
